66. For the purpose of demonstrating the principles of debit and credit as exemplified in the journal, the following transactions except those involving cash are journalized in a three-column journal. The third column is used for sales, and it is to be understood that a cash account is kept in a separate cash book.
—April 2—
Sold to Hiram Watson on account
10# gran. sugar
5½c.
$.55
3 bars soap
.25
2# starch
5
.10
2 cans corn
.25
$1.15
——
—2—
Paid electric light bill—cash
4.75
—2—
Sold for cash sundry merchandise
8.60
—3—
Bought from Eureka Milling Co. on account
5 bbls. XXX flour
3.75
18.75
—4—
Sold to J. L. Jarvis on account
¼ bbl. flour
1.25
2# butter
.32
.64
1# coffee
.30
10# lard
.11
1.10
3.29
——
—4—
Bought from J. L. Jarvis on account
Fire Insurance on stock and fixtures, $3,000.00 for one year from date
18.00
—5—
Paid Eureka Milling Co. cash
18.75
—6—
Sold to J. L. Jarvis on account
1# cheese
.16
1 doz. eggs
.22
1# baking powder
.50
3 bu. potatoes
.65
1.95
2.83
——
—6—
Bought from Atlas Safe Co. on account
1 office safe
50.00
Paid cash for repairs to door lock
.40
Sold for cash sundry merchandise
16.70
EXAMPLES FOR PRACTICE
1. After you become familiar with each entry and the nature of the accounts to be debited or credited, journalize the transactions given in Article 66, then compare with the model journal, and see if your work is correct.
